I'm refinancing my house at the moment. We have great credit (high 700s). We're getting a 15 year fixed and have locked in a rate of 3.5%. Current market rate seems to be about 2.88%. The mortgage will use the same amortization schedule as the old mortgage which we're 3 years in to. This is a no cost refi, so the broker is adding to the rate to take care of the closing costs.
So what accounts for the difference between the posted rates and what we're getting? Is it because it's a refi vs new mortgage? How much does the broker add to pay closing costs? How does credit score affect rate (I'm guessing it doesn't in my case, but for general knowledge)? Does the amortization schedule affect the rate?